Mideast Stocks Fall as Saudi Arabia Mulls Budget Cut on Oil Drop
- Kingdom's benchmark gauge is biggest decliner in region
- Brent crude has dropped almost 60 percent in 12 months
APTOPIX Mideast Saudi Markets Opening
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Most Middle Eastern stock markets declined amid mounting concern the region’s largest economy will cut spending after oil prices slumped to the lowest since 2009.
The Tadawul All Share Index in Saudi Arabia, OPEC’s biggest oil exporter, retreated 2.1 percent, dragging its decline this month to the fifth-worst among major global indexes. Al Rajhi Bank, which has the highest weighting on the gauge, led the drop with a 5.4 percent loss. Dubai’s DFM General Index retreated 1.4 percent after gaining the most since December on Tuesday.